$100B Xiong’an New Area and $3B Winter Olympics Town Became Ghost Towns Due to China’s Lack of Funds

Xiong’an New Area, southwest of Beijing was officially established on April 1, 2017. It has now been in existence for seven years. According to mainland media reports, Xiong’an New Area has completed investments totaling over 800 billion yuan. Central enterprises have established more than 200 institutions in Xiong’an New Area, and the area has seen the construction of highways, underground corridors, cloud-based intelligent services, and more.
However, when people recently visited Xiong’an, they saw a different scene. While Xiong’an does have grand buildings and wide roads, it appears to be a massive empty city.
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